superbatman9193
03.07.2020 •
Business
The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $13,250 cash in the company. b. The company purchased office supplies for $384 cash. c. The company purchased $7,327 of office equipment on credit. d. The company received $1,564 cash as fees for services provided to a customer. e. The company paid $7,327 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,809 as fees for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,180 cash as partial payment for the account receivable created in transaction f. i. Kacy Spade withdrew $1,000 cash from the company for personal use.Required: 1. Prepare general journal entries to record the transactions above for Spade Company by using the following accounts: i. Cash ii. Accounts Receivable iii. Office Supplies iv. Office Equipment v. Accounts Payable vi. Common Stock vii. Dividends viii. Fees Earned 2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment.
Solved
Show answers
More tips
- W Work and Career Where can you learn to be a flight attendant?...
- C Cities and Countries What time does the Metro open in Moscow?...
- S Style and Beauty How to Get Rid of Under Eye Bruises?...
- F Food and Cooking How to Calculate the Gender of Your Child with Blood?...
- C Computers and Internet IMHO: What is it, why is it important, and how to use it?...
- H Health and Medicine Effective Ways to Treat Colic in Infants...
- H Health and Medicine How to Treat the Flu: A Comprehensive Guide...
- S Style and Beauty 5 Tips for Choosing the Best Ugg Boots...
- C Computers and Internet How to Create a Folder on Your iPhone?...
- C Computers and Internet iPhone SMS Delivery Report: How to Set It Up...
Answers on questions: Business
- B Business The current yield curve for treasuries is as follows: Maturity (years) YTM 1 0.5% 2 0.9% 3 0.97% Compute the forward rate for the third year. Enter your answer...
- B Business When a market is monopolistically competitive, the typical firm in the market is likely to experience a a. positive or negative profit in the short run and a zero...
- B Business Eight months ago, you purchased 400 shares of Winston, Inc. stock at a price of $56.90 a share. To date the company has paid quarterly dividends of $.55 a share...
- B Business A firm uses a continuous review (Q) inventory system. Weekly demand for a product is normally distributed with a mean of 120 units and a standard deviation of 10...
- B Business During the past recession, Advanced Protection Systems created a organization when it restructured and eliminated several middle management positions and broadened...
- B Business Two years ago, Global Airlines sold a $250 million bond issue to finance the purchase of new jet airliners. These bonds were issued in at par value with an original...
- B Business Prepare the Statement of Cash Flows for Smart Touch Learning for the month ended December 31, 2016 from the provided information. Cash balance, December 1, 2016...
- B Business In analyzing the differences among Theories X, Y, and Z managers, it is appropriate to determine that Multiple Choice Theory Z managers believe that employees prefer...
- B Business Weekly demand for copier paper is normally distributed a mean of 3,000 boxes and a standard deviation of 200 boxes. The business operates 50 weeks every year. The...
- B Business Suppose Brian and Crystal are playing a game in which both must simultaneously choose the action Left or Right. The payoff matrix that follows shows the payoff...
Ответ:
See the answers and explanation below.
Explanation:
1. Prepare general journal entries to record the transactions above for Spade Company
These can presented as follows:
Trans. General Journal Debit ($) Credit ($)
a. Cash 13,250
Common stock 13,250
(To record cash investment by the owner in the company.)
b. Office supplies 384
Cash 384
(To record cash purchase of office supplies.)
c. Office equipment 7,327
Account payable 7,327
(To record purchase of office equipment on credit.)
d. Cash 1,564
Fees earned 1,564
(To record cash received as fees for service rendered.)
e. Account payable 7,327
Cash 7,327
(To record cash paid for office equipment bought on credit.)
f. Account receivable 2,809
Fees earned 2,809
(To record fees earned from services provided on credit.)
g. Rent 515
Cash 515
(To record monthly rent paid in cash.)
h. Cash 1,180
Account receivable 1,180
(To record partial cash receipt from account receivable.)
i. Dividend 1,000
Cash 1,000
(To record drawings by Kacy for personal use.)
2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment.
Note: Find the attached the excel file for the T-accounts.
Ответ:
The answer is "A: how much to charge".
A free enterprise system is a financial framework where an administration puts not very many limitations on the kinds of business exercises or possession in which residents take an interest. This kind of framework is regularly alluded to by others as a free market, or private enterprise. In a free enterprise system, you are permitted to spend your cash in the manner in which you need. You frequently have a few distinct organizations competing for your business, which regularly prompts bring down costs and better-quality items.